The homeownership rate is the percentage of households that own the home in which they live. “It is computed,” says the Census Bureau, “by dividing the number of households that are owners by the total number of occupied households.”

” President Obama is unveiling a $3.99 trillion budget that is “designed to bring middle class economics into the 21st Century,” the White House announced Monday.

The proposed budget “invests in helping working families make their paychecks go further, preparing hardworking Americans to earn higher wages, and creating the infrastructure that allows businesses to thrive and create good, high-paying jobs,” the White House said in a statement.

To pay for new tax credits and other programs involving education, child care, paid leave, and new road and bridge construction, the budget calls for tax hikes on wealthier Americans by closing certain loopholes.

Congressional Republicans said the president’s proposals — many of which leaked out in advance of Monday’s announcement — involve too many tax hikes and high-spending programs.”

Here are just a few of the goodies to be redistributed by the State under “Uncle” Barack’s proposed budget :

” Among the economic plans in the proposed budget:

• A child care tax credit of up to $3,000 per child.

• $750 million for a Department of Education preschool development program, an increase of $500 million.

• More than $3 billion for science, technology, engineering and math (STEM) education.

• A $500 tax credit for “second earners” in working families.

• A program encouraging paid leave programs for employees.

• Two years of community college tuition for qualified students, a program that would cost $60 billion over 10 years.

” President Barack Obama will need the approval of Congress to realize his proposal for making two years of community college free for students.

So far, that plan doesn’t have an official price tag — other than “significant,” according to White House officials. If all 50 states participate, the proposal could benefit 9 million students each year and save students an average of $3,800 in tuition, the White House said.

But administration officials insisted on a call with reporters Thursday evening that “this is a proposal with bipartisan appeal.”

Case in point: Republican Gov. Bill Haslam, whose brainchild Tennessee Promise program strongly influenced Obama’s proposal. Beginning this year, any high school graduate in that state is eligible for two years of free community college tuition under the Tennessee Promise.”

Regardless of the “bipartisan appeal” how the f**k is a government that is 18 trillion dollars in the hole supposed to pay for yet another feel-good , vote buying entitlement ?Simple mathematics puts a real figure ($34.2 Billion annually) to the White House’s estimate of a “significant” cost and as always with State spending we can be sure the estimate is a very lowball one . WTF ?

And putting aside the cost , where in the Constitution is the “right” to a free education ?

With that in mind , let us not forget what the Obama administration has already “accomplished” in the field of education:

A nation without a debt seems inconceivable today. The United States currently has more than $16 trillion in public debt, and no sensible proposals exist to bring this massive sum down to a more reasonable level. But there was a day when the U.S. proclaimed itself a debt-free nation: Jan. 8, 1835.

The brand-new United States emerged from the Revolution with some $75 million in war debts, and this sum grew to $127 million after the War of 1812. After these wars, the young nation embarked on a 20-year period of positive cash flow and debt reduction, which picked up steam after the election of President Andrew Jackson in 1828.”

” Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.

It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the “benefit” of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.

And now we wait for the US to become Spain, and add the estimated “contribution” from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.”

And to think that just three short years ago Obama was speaking of reducing our then $14 trillion debt …

” Since 2008, the Federal Reserve has been trying to stave off economic disaster with an unconventional monetary policy tool known as quantitative easing. By buying financial assets from commercial banks and other institutions, the Fed has massively expanded the money supply-quadrupling it since the practice began.

Many economists, particularly followers of the Austrian school, deplored the practice and predicted that the unprecedented currency and asset price manipulation would lead to huge and damaging price inflation. Reason was among them, declaring on our October 2009 cover: “Inflation Returns!” A group of free market economists were asked: “Has the time come to stockpile canned goods and pick up a wheelbarrow for transporting currency, or should we be afraid of the opposite-a prolonged contraction that causes prices to crash?”

Six years later, official consumer price index inflation sits at just 2 percent annually from July 2013 to July 2014, the latest period for which figures are available. This is identical to the rate for the previous year.

We asked four economists and market analysts to revisit what they originally predicted would happen after quantitative easing and assess whether (and why) they were right. Analyst Peter Schiff sticks to his guns, saying that any “claims of victory over inflation are premature and inaccurate. Inflation is easy to see in our current economy, if you make a genuine attempt to measure it.” Economist Robert Murphy believes we are in a “calm before the storm” and is “confident that a day of price inflation reckoning looms.” Contributing Editor David R. Henderson writes that the “financial crisis has brought such major changes in central banking that uncontrolled inflation from discretionary monetary policy is not as great a danger as it once was,” though he remains critical of the Fed’s growing powers. And economist Scott Sumner claims victory for the “market monetarists,” noting that both Austrians and Keynesians have been proven wrong by events, and urging both sides to “take markets seriously.” “

The privately held company announced yesterday in a filing with the Securities and Exchange Commission possible default as it’s likely to miss a $10.9 million payment to bondholders on Nov. 17. If skipped, Colt has a 30-day grace period, but if it does not pay by Dec. 15 the company will be in default.

If a company defaults without first declaring bankruptcy, creditors will likely force it into bankruptcy and liquidate the assets or the company will operate under the shield of a bank, limiting major operational decisions.

Colt blames its financial woes on a continued decline in demand for rifles and handguns in the commercial market, and delays in government sales. The company reported in June a $20.5 million loss so far in 2014, down from a $9.5 million profit for the same time in 2013.

Like the iconic West Hartford, Connecticut, company, other gun makers have also seen a decline in demand. Smith & Wesson reported a net income of $14.6 million, down from $26.5 million for the quarter last year. Profits for the industry giant, Sturm, Ruger and Company, plunged 76.3 percent, from $28.6 million this time last year to $6.8 million for the past three months. “

” Europe’s all-too-predictable relapse into recession is gathering force, threatening not only the pipe dream of economic and political unity, but eroding grandiose illusions that have helped prop up the world’s financial house of cards. The unwillingness of France in particular to play by the EU’s — i.e., Germany’s — rules appears to have doomed the EU dream. The idea of a borderless Europe bound by a common currency and a shared desire to forever banish war from the Continent was a lofty one, but it was mired from the start in deeply rooted political animosities, grass-roots skepticism and bureaucratic overreach. Now these problems, along with a great many others, have turned the EU project into a Tower of Babel. A million pages of meticulously codified EU rules might as well have been written in cuneiform, so inscrutable and arcane have they become.

And useless as well. France’s prolonged economic death rattle has been made possible by running annual deficits larger by half than the 3% “allowed” by Brussels. And now, channeling de Gaulle for what could turn out to be France’s last hurrah, the French have flouted Merckel’s authority, and common sense itself, by proposing to remedy the problem by hiring more government workers and expanding tax breaks. Portugal, Greece, Spain and the other deadbeat rabble have been cheering them on, and why not? They think they have nothing to lose — that Germany is the only country with any skin in the game. Their folly is about to be laid bare, however, unless Germany gives in and allows Europe’s Central Bank to monetize the collective debts of Europe Fed-style. “

” PolicyMic came up with a handy infographic that shows how the U.S. spends of American taxpayer’s money: $15,700 every second.

As you can see, there’s a lot of blinking going on, but not much ado about the U.S.’ burgeoning welfare state – and the over $17 trillion in national debt that comes with it (not to mention the roughly $100 trillion in debt liabilities). “

In the last fourteen years, has your income increased over 50%? If you think it has, has it done so after taxes? Even if it has, you likely have not kept up in terms of inflation.

If you are a retiree, living on fixed income, a pension or bonds, you certainly have become poorer. If you had bought the Dow-Jones on 12/31/1999 you would have entered at about 11,500. It closed last week at less than 17,100. That would have been an appreciation of 6,600, better than 50%. But, of course, that was before taxes.

As a retiree, you have seen your purchasing power stolen by Fed policies. Whether you invested in fixed income or equities, you lost ground. Anyone in that position has seen their lives become poorer despite a lifetime of successful work and careful financial planning.”

As it stands now , no matter how hard you work and save , you’ll never get ahead , not with the present monetary policies put in place at the behest of the Fed and the government . The authorities are systematically destroying all that the American public has worked so hard to attain . The American dream is not being killed by China … It is a victim of filicide …

” For those still working, most are losing purchasing power each year. Wages are not keeping up with inflation, even the understated numbers reported by government. In short, the decline of a once-great economic power is well underway. The country is no longer growing enough to raise everyone’s standard of living.

Government has killed the golden goose and in an attempt to hide the obvious is debauching the dollars. Government tries to hide their own failure with phony statistics and a welfare state designed to placate the masses. Bread and circuses are deceptions not progress.”

” Curious what the real, and not pre-spun for public consumption, sentiment on the ground is in a China (where the housing bubble has already popped and the severe contraction in credit is forcing the ultra wealthy to luxury real estate in places like Hong Kong) from the perspective of the common man? The photo below, which shows hundreds of people rushing today to withdraw money from branches of two small Chinese banks after rumors spread about solvency at one of them, are sufficiently informative about just how jittery ordinary Chinese have become in recent days, and reflect the growing anxiety among investors as regulators signal greater tolerance for credit defaults.

Reuters explains:

Domestic media reported, and a local official confirmed, that ordinary depositors swarmed a branch of Jiangsu Sheyang Rural Commercial Bank in Yancheng in economically troubled Jiangsu province on Monday. The semi-official China News Service quoted the bank’s chairman, Zang Zhengzhi, as saying it would ensure payments to all the depositors. The report did not say how the rumour originated.

Chen Dequn, a resident in Yandong, just outside Yancheng, said she saw a crowd of about 70 to 80 people gathering in a branch of Sheyang Rural Commercial Bank in her town on Tuesday.”

” For years people have predicted the Republican party’s demise. The decline of whites as a share of the US population and the spread of tolerant values, such as support for gay marriage, would gradually snuff out its appeal. Yet the Grand Old Party has a stubborn way of bouncing back. The coming midterm elections in November are unlikely to be an exception, while the Republican field for the next presidential election looks stronger than at any time since 2000. Tomorrow may indeed arrive at some point. But for the time being, today is going pretty well for the Republicans.

Take the fast-approaching congressional elections. President Barack Obama is giving everything he has in terms of fundraising to retain Democratic control of the Senate. The remainder of his presidency depends on it. Even diehard optimists doubt Democrats could regain control of the House. Yet the more Mr Obama throws at the Senate, the lower his poll numbers fall. Last week he hit a new low of 41 per cent approval versus 54 per cent disapproval. History says an unpopular president’s party loses ground in midterm elections. This year is unlikely to buck the trend.”

Financial Times has a lengthy piece on GOP chances for the upcoming 2014 midtermsand while the article is every bit as condescending as it’s title would suggest there remains much truth that even their writer’s bias cannot hide .

” China is braced for a wave of industrial bankruptcies as its slowing economy forces companies with sky-high debts to the wall, the country’s premier has said.

Premier Li Keqiang told lenders to China’s private sector factories they should expect debt defaults as the world’s second largest economy encounters “serious challenges” in the year ahead.

Speaking after the annual session of the national people’s congress, Li Keqiang said: “We are going to confront serious challenges this year and some challenges may be even more complex.” He told lenders to China’s private sector factories they should expect debt defaults.

Li said China must “ensure steady growth, ensure employment, avert inflation and defuse risks” while also fighting pollution, among other tasks.

” So we need to strike a proper balance amidst all these goals and objectives,” he added. “This is not going to be easy,” he said.

Li’s warning followed the failure of Shanghai Chaori Solar Energy to make a payment on a 1bn yuan (£118m) bond last week. The default was the first of its kind for China and widely seen as pointing to the end of 11th-hour government bailouts for troubled enterprises.” “

” The United States Bureau of Labor Statistics (BLS) announced on March 12th that the total cost of employing a state or local government worker is 45% more than an equivalent worker in the private sector.

For the month of December 2013, employers in private industry spent an average of $29.63 per employee hour worked, but the equivalent cost for a government worker averaged $42.89 per hour. Not only do government employees average 33% higher pay than those in the private sector, their pension and retirement benefit costs are now an incredible 254% higher also. Given that compensation formulas for federal, state, and local government are comparable, it should come as no surprise that this year spending by the U.S. government will exceed revenue by an all-time high of $744.2 billion, and our gross national debt is a stunning $18.5 trillion. ”

” While we will have more to say about the disastrous December TIC data shortly, which was released early today, and which showed a dramatic plunge in foreign purchases of US securities in December – the month when the S&P soared to all time highs and when everyone was panicking about the 3% barrier in the 10 Year being breached and resulting in a selloff in Tsy paper – one thing stands out. The chart below(above) shows holdings of Chinese Treasuries (pending revision of course, as the Treasury department is quite fond of adjusting this data series with annual regularity): in a nutshell, Chinese Treasury holdings plunged by the most in two years, after China offloaded some $48 billion in paper, bringing its total to only $1268.9 billion, down from $1316.7 billion, and back to a level last seen in March 2013! “

Not exactly confidence inspiring Barack , especially when you consider that the Japanese shed billions in US treasuries in December as well . Read more at Zero Hedge .

” Thanks to Congress, the U.S. now doesn’t have a debt limit for the next year. Let two Heritage experts put this into perspective.

“ President Obama, after less than five years in office, has already increased the debt limit by more than any other president in U.S. history, including President George W. Bush over eight years in office,” report Romina Boccia and Michael Sargent, authors of the newly updated Federal Budget in Pictures.”

Read more at Heritage.org ,view these charts and embed them on your site :

Our “leadership” has surely made a hash of things . As they say a picture is worth a thousand words , or in this case , $17.3 Trillion and climbing …

Click Image To Go To Interactive Graphic And See How Much Your State Is In The Red

” State governments are piling up debt almost as fast as the federal government, with a total of $5.1 trillion now on their books.

Calculated on a per capita basis, the $5.1 trillion represents an obligation of $16,178 for every state resident in the country, according to State Budget Solutions’ fourth annual State Debt Report.

State Budget Solutions is a 501(c)(3) educational foundation that focuses on state spending and budget issues.

The $5.1 trillion has accumulated despite various forms of balanced-budget requirements and spending limitations on the books in most states.”

This should be no surprise to any thinking individual …

” Viewed in terms of total debt, big states dominate the top 10, with California being in the worst shape at $778 billion. Most of the Golden State’s total is accounted for by public pension liabilities at $584 billion.

Given the prominence of unfunded public employee pension liabilities in state debt, the role of unions representing government workers is an important factor.

Nearly 36 percent of all government employees in America are members of unions, according to the Bureau of Labor Statistics, but the situation varies greatly from one state to another.

According to federal Current Population Survey data compiled by unionstats.com, 59 percent of all state and local public employees are members of unions in California.

But New York, which ranks second on total debt, has a far higher portion of its public employees in unions, at 71 percent.”

” According to the government website FedBizOpps.gov, the U.S. Department of Justice’s Criminal Division is spending $544,000 on a new LinkedIn profile:

The U.S. Department of Justice’s Criminal Division is paying $544,000 for a shiny new LinkedIn profile, in the wake of a partial government shutdown that followed a top Democrat’s assurance that ‘the cupboard is bare, there’s no more cuts to make.’ “